https://www.taxtmi.com/caselaws?id=291277 Time spent in bona fide revival efforts and other justified intervening circumstances may be excluded from the CIRP timeline under the Insolvency and Bankruptcy Code when such exclusion advances the resolution process. The Tribunal accepted that repeated meetings, administrative developments, State Government involvement, and employees' union participation had delayed effective progress within the original period, and noted that the resolution professional raised no objection. It therefore allowed exclusion of the specified period from computation of the statutory CIRP timeframe, so that further steps towards resolution could continue without delay. en-us Thu, 20 Jun 2019 00:00:00 +0530 Tue, 03 Nov 2020 19:33:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291277 Time spent in bona fide revival efforts and other justified intervening circumstances may be excluded from the CIRP timeline under the Insolvency and Bankruptcy Code when such exclusion advances the resolution process. The Tribunal accepted that repeated meetings, administrative developments, State Government involvement, and employees' union participation had delayed effective progress within the original period, and noted that the resolution professional raised no objection. It therefore allowed exclusion of the specified period from computation of the statutory CIRP timeframe, so that further steps towards resolution could continue without delay. Case-Laws Insolvency and Bankruptcy Thu, 20 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291277